Due to the lack of results from self-regulation, distortions have occurred in cooperatives: Deputy Prime Minister Paudel

On Sunday, the committee discussed with Finance Minister Poudel, Vice Chairman of Planning Commission Prada Shivraj Adhikari, Governor of Rashtra Bank Mahaprasad Adhikari and others.

Committee Chairman Surya Thapa informed that he has discussed with the Vice Chairman of the Planning Commission and the Governor of Rashtra Bank along with the Finance Minister to get suggestions on how to finalize the report of the committee based on the constitution and legal provisions. In the

committee, Deputy Prime Minister and Minister of Finance Paudel mentioned that the economy of Nepal is a mixed economy oriented towards socialism and informed that public, private and cooperatives are organized in the constitution . He mentioned that the role of cooperatives is to increase production by mobilizing scattered capital, skills and labor through cooperatives and creating national capital.

President Thapa, quoting the statement of the Minister of Finance, said that a large part of the country's population belongs to cooperatives and that citizens are attracted to cooperatives because of the constitution, laws and structures.

The Minister of Finance told the parliamentary committee that the self-regulation system in the Cooperative Act did not produce expected results and that the situation in the cooperatives has become dire. Chairman Thapa also mentioned that the government will not give concessions to those who campaign for non-payment of cooperative loans.

Similarly, Prada Adhikari, the vice president of the National Planning Organization in the committee, said that there was a problem when trying to run in terms of the private sector rather than cooperatives, he informed. Similarly, the governor officer of the National Bank said that the cooperative sector should be looked at effectively by making it the second regulatory body.

Chairman Thapa said that although the discussion has been going on for a long time to organize the cooperative sector, there has been no solution yet. Earlier, the committee has already discussed with the accused, victims, cooperative experts, home minister, police chief, etc.